Alabama Central Credit Union
- Assets
- $204.2m
- Revenue
- $10.1m
- Investments
- $1.4m
- Employees
- 72
- Location
- Birmingham, AL
- Founding
- 06/1971
- Data as of
- 12/2022
- EIN
- 63-0002236
Organization Overview
Alabama Central Credit Union is located in Birmingham, AL. The organization was established in 1971. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Alabama Central Credit Union employed 72 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Alabama Central Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Alabama Central Credit Union generated $10.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $8.9m during the year ending 12/2022. While expenses have increased by 2.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS.
TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerry Freeman Secretary | OfficerTrustee | 2 | $0 |
Jeff Bowling Treasurer | OfficerTrustee | 2 | $0 |
Kaitlyn Brown Chairwoman | OfficerTrustee | 2 | $0 |
Robert Campbell Director | Trustee | 2 | $0 |
Stan Whitehurst Director | Trustee | 2 | $0 |
Rick Hardy Vice-Chairman | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Core Processor & Mobile Banking | 12/30/22 | $1,061,344 |
Corelation Inc Core Processor | 12/30/22 | $299,368 |
Q2 Software Inc Online Banking, Mobile Banking, Bill Pay | 12/30/22 | $274,656 |
Cuna Mutual Group Defined Benefits | 12/30/22 | $253,612 |
C Spire Business Outsourced It Functions | 12/30/22 | $127,783 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $6,685,712 |
| Investment income | $351,165 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $25,000 |
| Net Gain/Loss on Asset Sales | -$2 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,136,034 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $479,309 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,760,408 |
| Pension plan accruals and contributions | $184,591 |
| Other employee benefits | $382,815 |
| Payroll taxes | $235,769 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,014 |
| Fees for services: Accounting | $55,975 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $371,725 |
| Advertising and promotion | $165,815 |
| Office expenses | $139,079 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $492,079 |
| Travel | $94,063 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $60,156 |
| Interest | $479,886 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $364,202 |
| Insurance | $99,571 |
| All other expenses | $447,338 |
| Total functional expenses | $8,917,432 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,742,811 |
| Savings and temporary cash investments | $749,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $166,615,728 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $692,273 |
| Net Land, buildings, and equipment | $7,637,929 |
| Investments—publicly traded securities | $15,662,057 |
| Investments—other securities | $1,375,517 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,709,077 |
| Total assets | $204,184,392 |
| Accounts payable and accrued expenses | $2,115,670 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $183,470,721 |
| Total liabilities | $192,086,391 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $12,098,001 |
| Total liabilities and net assets/fund balances | $204,184,392 |